Porting
Porting offers your clients the chance to take their existing Principality mortgage (including holiday lets and buy to let mortgages) to their new home. This provides clients the option to top up their existing mortgage using our latest rates.
You can now submit porting applications without having to refer your client to us, using our Mortgage Sales and Origination (MSO) system.
Using MSO for porting is quick and easy with:
- less paperwork requirements
- no wet signatures needed
- porting for more money, less money, £ for £ or on a redeemed account (if within 6 months)
- procuration fees of 0.40% on all completed porting applications
Alternatively, if you would rather not use MSO, then please complete our online porting form on behalf of your client. A Principality Mortgage Adviser will contact your client to discuss their requirements and then submit the porting application on your behalf. Once the mortgage application is complete, we’ll send a compensatory payment of 0.4% of the advance amount to your chosen club or network.
Porting FAQs
- General Porting FAQs
- Porting for more
- Porting for less
- Porting on a redeemed account
You won’t be eligible to port your client’s existing mortgage to a new property, if:
- The new property is outside of England and Wales
- Your client does not meet our lending criteria when you apply to port their mortgage
- You are looking to transfer the mortgage onto a property that your client already owns
- Your client has chosen not to transfer their mortgage on its existing terms
If the rate is due to end in the next 6 months, we can waive the ERC on application of the new mortgage.
No, a new application will need to be made on a new rate.
Yes this will be chargeable on redemption of the current property.
Please get in touch with your local BDM or the helpdesk to discuss this request.
Yes, If it’s a like for like application. For JBSP to non JBSP please get in touch with your BDM or the helpdesk.
MSO will not allow you to port a mortgage with Consent to Let to another property.
This is because Consent to Let is a temporary status provided to clients who need to let out their main residential home.
If the client does not plan to return to the property, it should be changed to a Buy to Let mortgage.
However, if the client is purchasing another residential property that they intend to live in as their main residence then we can allow them to take the residential mortgage with them. The existing property would either need to be sold or converted to a Buy to Let.
Yes, absolutely.
It depends on the latest acquisition rates.
We treat this as a new purchase, so all porting applications are dependent on our lending criteria.
This is not available on MSO. You will need to contact our rate switch team on 0330 333 4030.
The early repayment charge is usually set out in the mortgage offer. The ERC amount depends on the amount you are reducing the original product by.
In this instance please contact your local BDM who will look to get an exception for you.
The ERC will be refunded within 14 days of completion to the new loan. The new property and mortgage must be fully completed within 6 months of redemption of the old mortgage for an ERC refund.
No, this can’t be done.
